Using oDesk Debit Card in the Philippines: Seamless and Cheap

After reading online talks about scary charges in using oDesk Debit Card, I tried using my own card in Naga City Philippines. The first ATM with MasterCard logo I found last night was the 24-hour Bank of the Philippine Island Express Teller in the downtown area.

I was surprised to learn personally that oDesk Debit Card is so easy to use and the rumors of exorbitant charges are unfounded. It functions just like any local ATM card, except that you will not be presented with option to deposit fund. After inserting my card, I was asked to enter my Payoneer 4-digit PIN then press ENTER. I selected the withdraw option. When I was asked to enter the amount, I hesitated because the ATM message did not specify the currency the amount should be entered in.

So I cancelled, re-inserted my card and repeat the procedure. I choose the balance inquiry option and the screen showed my account balance in Philippine Peso. When asked if I like to do another transaction I selected YES then selected the withdraw fund option. When asked to enter an amount, I was confident to enter 2000 and knew it would be in Philippine Peso. After pressing ENTER, four 500 bills dropped in seconds.

When I accessed my Payoneer page, my transaction details showed the P2000 withdrawal and $43.77 was deducted from my balance. At the current P49 to $1 exchange rate, it means I was charged only $2.95 for the transaction.